Tag: Business Ideas

Recipe for cooking up a great small business idea

There are two main ingredients in cooking up great small business ideas: Passion and Demand. The perfect business idea should be something you are passionate about, as well as something there is a demand for. Your small business can provide a service such as housecleaning or tutoring, or you can sell products such as bakery goods or home made crafts.

With so many small business ideas, it can be hard to choose. One way to decide on a business idea is to find out what are the communities needs and wants. Conduct market research to help you determine if there is a demand for a product or service that is not being met. If you already have a business idea you should also conduct market research to determine if there is enough demand for your business. Ask friends and family for their ideas. Do they have any frustrations with current products or services?

Have you ever thought, “It would be great if I could get food delivered here” or “I wish I could get a good tutor for my son at a reasonable price.” Many people have ideas like this all the time, but they don’t do anything about it. Take notes of your ideas and find out if other people are thinking the same way. Also research your competition. Can you provide your customers with something that your competition can‘t, such as better prices?

When brainstorming business ideas, keep in mind what you enjoy. If you enjoy knitting scarves and you live in Alaska where there is a huge demand for scarves and very little competition then you have found your perfect small business niche. Remember you will be dedicating a lot of your time and effort as well as financial investment to this small business idea so it should be something you are confident and enthusiastic about.